Accountancy Daily

Insight / 2021: what’s in store for accountants in the year ahead?

After one of the toughest years ever as the covid-19 pandemic wreaked havoc, Zak Jakubowski talks to leading accountants and industry experts about their hopes and predictions for 2021

Insight / Called to account: January 2021

In this month’s scandals, convictions and penalties, window cleaning company director disqualified for unaccounted £1.7m, property developed jailed over diverting funds to their account, and suspended prison sentence for bankrupt who avoided inheritance tax windfall

Audit / Grant Thornton faces £200m legal challenge over Patisserie Valerie audits

Grant Thornton is facing a £200m lawsuit brought by the administrators of collapsed café chain Patisserie Valerie, seeking damages in respect of the firm’s audits for the financial periods September 2014 to September 2017

Insight / Record £23.8m money laundering fine

A Luton-based money service business (MSB) has been hit with a record £23.8m fine for flouting money laundering regulations

Insight / CFOs predict post-Covid home working shift

CFOs at some of the UK’s biggest companies are predicting a five-fold increase in home working by 2025, along with hikes in the levels of corporate and individual taxation as a result of the pandemic

Insight / People in the news: BDO, PwC, NAO

In this week’s accountancy career moves, partner appointments at PwC, 20 partner promotions at BDO, CFO named at John Laing Group, and NAO adds two non-executive members

Technical Alerts

7 Jan 2021

Tax / Ten things that will shape the property market in 2021

The residential property market has held up well in 2020, no doubt supported by the government’s stamp duty holiday introduced as part of wider Covid-19 measures. But what, asks Henry Lowe, partner at Mercer & Hole, will shape the property market in 2021?

Insight / FTSE 350 pension deficit almost doubles

The twin challenges of Brexit and Covid-19 have seen the FTSE 350 pension deficit nearly double during the year, with scheme trustees urged to look for opportunities to reduce risk

Insight / Call for consistent Business Bounce Bank Loan recovery scheme

The Treasury needs to ensure it implements a clear and consistent policy for the repayment or recovery of business bounce back loans (BBLs), or risk losing out on some £6bn, the Credit Services Association (CSA) is warning

Insight / Banned director failed to account for £1.7m

The director of a window cleaning company who could not account for £1.7m of expenses has been disqualified from managing companies for seven years

Tax / Feedback sought on VAT and value shifting rule changes

HMRC is consulting on planned revisions to the rules for apportioning the VAT consideration between supplies with mixed liabilities in a single transaction, in a bid to tackle ‘inappropriate’ value shifting when providing bundles of goods or services

Accounting / UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

Technical Alerts

6 Jan 2021

Insight / Brexit and EU case law

From a legal perspective, final departure from the EU raises some complexity around the interpretation of ‘retained EU case law’ – essentially judgments and decisions prior to 31 December 2020. Croner-i tax writer Mark Cawthron LLB CTA examines the impact on UK Courts and Tribunals

Insight / Wigan Athletic hits post in sale out of administration

There has been a last minute hitch in efforts to save football club Wigan Athletic from administration, after an approved bidder cut their offer for the EFL League One club almost in half

Insight / Kebab shop director takes away seven-year ban

The owner of a Norwich takeaway has been banned from being a director for seven years, after avoiding paying £400,000 owing to HMRC

Insight / 6 January marks ‘High Pay Day’

By the end of today, earnings for the typical FTSE 100 CEO will have surpassed the total annual wage for a full-time worker in the UK, according to research from the High Pay Centre

Tax / DAC 6 to be replaced by OECD rules

There are to be changes to the way UK intermediaries report cross border tax arrangements post-Brexit, with the EU DAC directive set to be replaced by OECD rules later this year

Tax / HMRC: less than a month to file tax return

Around 5.4m taxpayers have less than a month (25 days) to complete their self assessments ahead of the 31 January deadline

Technical Alerts